greater presence of banks that invest more in government debt are more likely to be credit constrained due to crowding out of …

that Chinese products exert both intermediate goods and crowding-out effects on African local producers. During the first … period, the intermediate goods effect exceeded the crowding-out effect, and helped to strengthen African textile production … and exportation. Over time, however, the net crowding-out effect was increasing. In the last period, imports from China …